Exciting Mortgage Updates Coming December 15, 2024!

Exciting news about key changes in the mortgage world that will come into effect on December 15, 2024. These updates are designed to create new opportunities and more flexibility for Canadian homebuyers and homeowners alike.

Here’s a quick overview of what’s changing:

• 30-Year Amortization for First-Time Homebuyers: Starting on December 15, 2024, all first-time home buyers purchasing an owner-occupied home will have access to 30-year amortization periods (extended from the standard 25-years currently). This option will lower financial barriers for buyers entering the market, and assist borrowers in qualifying for higher loan amounts.
• Increased Insured Mortgage Cap: The maximum purchase price for an insured mortgage (less than a 20% down payment) will rise from $1 million to $1.5 million. This change enables buyers to purchase more expensive homes with as little as a 5% down payment on the first $500,000 of the purchase price and 10% on the balance, expanding opportunities for middle-income buyers.

These updates represent positive steps toward helping more Canadians achieve their homeownership goals and make the most of their current mortgages.

As your trusted mortgage broker, I’m here to guide you through these changes and help you determine how they might affect your mortgage plans. Whether you’re considering buying a new home, refinancing, or just curious about what these updates mean for you, I’d be happy to chat! Book a time for us to connect here.

Exciting things are ahead in the world of mortgages, and I’m here to ensure you’re ready to make the most of them!